Recent momentum in Cattle futures stalled Tuesday amid higher Corn futures, likely profit taking and apparently waiting to see if this week’s cash fed cattle trade supports another step higher.
Feeder Cattle futures closed an average of $1.60 lower, except for 92¢ higher in waning spot Oct.
Live Cattle futures closed an average of 45¢ lower, except for 7¢ higher in spot Oct.
Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Tuesday afternoon, according to the Agricultural Marketing Service.
Live prices last week were $148/cwt. in the Southern Plains, $150-$152 in Nebraska and $150 in the western Corn Belt. Dressed prices were $236 in Nebraska and $232-$236 in the western Corn Belt.
Corn futures closed mostly 3¢ to 4¢ higher.
Soybean futures closed mostly 10¢ to 12¢ higher.
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Major U.S. financial indices closed higher again Tuesday. Support included lower bond yield rates and chatter that the Fed may see enough weakness in the economy to make future interest rate hikes less aggressive.
The Dow Jones Industrial Average closed 337 points higher. The S&P 500 closed 61 points higher. The NASDAQ was up 246 points.
West Texas Intermediate Crude Oil futures (CME) closed 74¢ to 89¢ higher through the front six contracts.
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Total pounds of beef in freezers Sept. 30 were 2% more than the previous month, 19% more than the same time last year and record large for the date, according to the latest USDA Cold Storage report.
Frozen pork supplies were slightly less than the previous month but 14% more than the previous year.
Total red meat supplies in freezers were up 1% from the previous month and up 17% from last year.
Total frozen poultry supplies were up slightly from the previous month and up 10% from a year ago.